Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts
- Bank’s shares rise in early trading, paring 17% drop in 2016
- ‘He wasn’t fired’ or ‘gently pushed’ by the board, Sloan says
Wells Fargo Issues Don’t End With CEO's Departure
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John Stumpf, who led Wells Fargo & Co. through the financial crisis and built it into the world’s most valuable bank, stepped down as chief executive officer and chairman, bowing to public outcry over legions of accounts opened by his employees for customers who didn’t request them.
Stumpf, 63, is retiring from both posts effective immediately, the bank said Wednesday in a statement. Tim Sloan, 56, the chief operating officer long viewed as his most likely successor, will become CEO. Lead director Stephen Sanger will become the board’s non-executive chairman. Elizabeth Duke, a former Federal Reserve Board governor, will be vice chair.